Southern cascades finance corporation full#

Southern cascades finance corporation full#

Since May 2020 the Company has been a full credit spectrum lender, financing vehicles exclusively to Lithia customers through Lithia’s dealership network and e-commerce business channels. DFC has been originating and servicing loans in the automobile finance business since September 2012, initially targeting a subprime borrower base. DFC is a wholly owned subsidiary of Lithia Financial Corporation, itself a wholly owned subsidiary of Lithia Motors, Inc. DFC was incorporated in Oregon in September 2012 under the name Southern Cascades Finance Corporation and rebranded as DFC on January 1, 2021. DFC’s first ABS securitization was LADAR 2021-1, closed on November 12, 2021, and was also rated by KBRA. This transaction is the second ABS securitization for Driveway Finance Corporation (“DFC” or the “Company”). Credit enhancement on the notes is comprised of overcollateralization (”OC”), yield supplement overcollateralization (“YSOC”), subordination of junior note classes, a cash reserve account, and excess spread. LADAR 2022-1 will issue three classes of notes totaling $298.14 million. NEW YORK-( BUSINESS WIRE)-KBRA assigns preliminary ratings to three classes of notes issued by LAD Auto Receivables Trust 2022-1 (“LADAR 2022-1”), an auto loan ABS transaction.